Abstract
This article draws on the new stakeholder theory to examine the role of flexibility in the decision process within capital-intensive public–private partnerships (PPPs). It highlights that successful PPPs rely on the project sponsor’s ability to effectively utilize market stakeholders’ critical resources (i.e., information and expertise) to maximize economic value creation, and to gain nonmarket stakeholders’ critical resources (i.e., support) through equitable social value identification and distribution. Drawing on two case studies in the national capital region of the United States, this article proposes a theoretical view to understand flexibility and stakeholder management for capital-intensive PPPs.
| Original language | English |
|---|---|
| Pages (from-to) | 650-667 |
| Number of pages | 18 |
| Journal | Project Management Journal |
| Volume | 55 |
| Issue number | 6 |
| Early online date | 21 Mar 2024 |
| DOIs | |
| Publication status | Published - Dec 2024 |
| Externally published | Yes |
Bibliographical note
Publisher Copyright:© 2024 Project Management Institute, Inc.
Funding
The authors received no financial support for the research, authorship, and/or publication of this article.
Keywords
- capital-intensive project
- case study
- flexibility
- megaproject
- new stakeholder theory
- project procurement
- public–private partnerships
- stakeholder management